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  • Spruce Power Partners with sonnen to Offer Energy Storage Upgrades, Develop Virtual Power Plants

    12th April / 2021

    HOUSTON, TX — April 08, 2021 — Spruce Power, a Power-as-a-Service™ company with roots in energy efficiency and residential solar energy, announced it entered a supply and partnership agreement with sonnen Inc., a global market leader in smart residential energy storage systems. Their collaboration is focused on providing Spruce’s existing 50,000 residential solar customers with access to upgrade their home systems with safe, long-lasting battery solutions, improving their resiliency, energy independence and energy efficiency. In addition, the two companies plan on developing virtual power plant (VPP) projects in emerging distributed energy resource (DER) aggregation markets like New York and California that have programs to support the growth of behind-the-meter storage systems.

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  • Spruce Power Expands Business Model to Offer Energy Storage, EV Chargers to its 80,000 Customers

    4th February / 2021

    One of the first residential power companies to offer customers the ability to add home batteries as a retrofit to existing solar photovoltaic (PV) systems, the company formerly known as Spruce Finance has also unveiled its new company name, Spruce Power. The name change reflects its broader commitment to helping homeowners securely supply, store and manage their home’s energy, while providing investors with access to the expanding residential renewable energy asset class.

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  • Spruce Power adds battery and EV charger options to finance offerings

    4th February / 2021

    Spruce Power has added batteries and EV chargers to its financing portfolio offers. Formerly known as Spruce Finance, the company already serves 80,000 homeowners with leased solar energy systems or energy efficiency upgrades. The expansion of Spruce’s business model aligns with the needs of the changing residential renewable energy market. Spruce pivoted from loan origination to asset ownership and created a servicing arm Energy Service Experts (ESE) for asset management and maintenance in 2017 after restructuring and receiving an investment from HPS Investment Partners.

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  • Spruce Power Expands Business Model to Offer Energy Storage, EV Chargers to its 80,000 Customers

    4th February / 2021

    HOUSTON, TX — February 04, 2021 — Spruce Power, a Power-as-a-ServiceTM company with roots in both energy efficiency and residential solar energy, announced it now offers integrated smart energy systems, enabling customers to optimize and secure their existing solar-powered homes by adding battery storage and smart electric vehicle (EV) chargers. As the largest private owner and operator of distributed generation residential solar assets in the U.S., Spruce Power already serves 80,000 homeowners with leased solar energy systems or energy efficiency upgrades, managing billing and providing operations and maintenance (O&M) services.

    One of the first residential power companies to offer customers the ability to add home batteries as a retrofit to existing solar photovoltaic (PV) systems, the company formerly known as Spruce Finance has also unveiled its new company name, Spruce Power. The name change reflects its broader commitment to helping homeowners securely supply, store and manage their home’s energy, while providing investors with access to the expanding residential renewable energy asset class.

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  • Spruce Acquires Two Residential Solar Portfolios, Increases Holdings to More than 330 MW

    17th November / 2020

    HOUSTON, TX — November 17, 2020 —Spruce Finance, the largest private owner and operator of distributed generation residential solar assets in the U.S., has acquired two new asset portfolios, including the balance of NRG’s residential holdings. The NRG purchase is Spruce’s largest to date and the latest example of the company’s residential solar asset “growth by acquisition” strategy in the U.S.

    The NRG portfolio comprises 8,984 systems, totaling 60 MW. Spruce also acquired a portfolio from WEC Energy Group, made up of 1,047 systems, which Spruce had already been managing via its Energy Service Experts (ESE) subsidiary. Together, the acquisitions push Spruce’s total rooftop solar assets to 337 MW, representing year-to-date portfolio growth of 78 percent and over 100 percent portfolio growth in the last 12 months.

    The company also executed a new $150 million senior credit facility that it will partially draw on to finance both deals.

    “We continue to demonstrate momentum and pursue our M&A strategy, proving the value created by consolidating assets in the residential solar space,” said Christian Fong, CEO of Spruce Finance. “The trust and collaboration with our established partners like NRG and WEC Energy Group enables us to successfully execute on our strategy.”

    Spruce pivoted from loan origination to asset ownership and created ESE for asset management and maintenance in 2017 after restructuring and receiving an investment from HPS Investment Partners.

    The latest acquisitions follow deals from earlier this year that added nearly 112 MW to Spruce’s portfolio of residential solar. Spruce is actively pursuing other acquisition and strategic opportunities in…

    Related Link – PRNewswire
  • Spruce Finance Acquires Clearway Energy’s Portfolio of Residential Solar Assets

    14th May / 2020

    HOUSTON, TX — May 14, 2020 — Spruce Finance, the largest private owner and operator of distributed generation solar residential assets in the U.S., has bought Clearway Energy’s entire portfolio of residential solar assets. The deal is Spruce’s largest to date and the latest example of the company’s residential solar asset “growth by acquisition” strategy in the U.S.

    The 53 megawatts (MW) of rooftop solar assets acquired from Clearway expands Spruce’s portfolio by 20 percent to more than 250 MW. This brings Spruce’s year-to-date portfolio growth to more than 30 percent, which already matches the 30 percent increase that the company achieved during 2019.

    The deal also benefits Spruce’s independent subsidiary, Energy Service Experts (ESE), which has entered into a transitional asset management services partnership with NRG. As a result, ESE has

    “Despite the current global crisis, we expect strong and stable returns—both financial and environmental—from investing in a renewable future,” said Christian Fong, CEO of Spruce Finance. “The Clearway acquisition comes because of our strong relationships with others in the industry, and underscores our ability to stay the course in a challenging time. As a preferred sector in the broader energy and power industry, we are enjoying continued access to the capital markets and keep growing in our residential and distributed generation solar markets.”

    News of the Clearway deal comes on the back of Spruce’s recent announcement that it closed a $124 million debt financing deal for its portfolio of residential solar power purchase agreements (PPAs) and leases with Vantage Infrastructure and Sequoia Economic Infrastructure Income Fund (SEQI). A portion of the capital infusion from those funds has been used to acquire the Clearway assets as part of Spruce’s strategic plan for expanding its holdings through organic growth and M&A activities.

    About Spruce Finance
    Spruce Finance (www.sprucefinance.com) owns and operates a growing portfolio of distributed generation solar residential assets in the U.S. Headquartered in Houston with executive offices in San

    Related Link – PRNewswire